In January 2019 the city of Los Angeles saw 768 new single family homes hit the market while January of this year only saw 167 – that is 78% fewer homes to choose from today than we had in 2019! Statistically speaking for every 1 home coming on the market today there would have been about 5 to choose from in 2019.
What does this mean for sellers? High interest rates or not, its still a great time to sell a home in LA. The few homes coming on the market now tend to skew towards outdated or distressed so it is an especially great time to sell an updated move-in ready home.
What does this mean for buyers? Patience patience patience. People will need to sell at some point. These stats can and will change overnight – stay the course keeping an eye on the market and keeping your pre-approval current – you’ll be educated on the market, confident, and ready to make your move when opportunity strikes.
Curious what your home is worth or what kind of home you can afford? Hit us up, we’d love to chat!